A community organization that was previously able to grow thanks to New Markets Tax Credits (NMTC) from Enhanced Capital continues to transform the Cully neighborhood in Portland, Oregon – this time through the development of 141 affordable housing units, which will replace a shuttered strip club and continue to revitalize the economically distressed area.

Hacienda Community Development Corporation is providing the new affordable housing. While this latest project was not financed by Enhanced Capital, Hacienda previously received an investment from Enhanced Capital to create a new headquarters located near much of the housing it provides. New Markets Tax Credits were also critical in helping Hacienda create and construct the Portland Mercado, the city’s Latino public market, which provides jobs and serves as a business incubator for Hispanic entrepreneurs.

An article in the Portland Tribune newspaper highlighted the more recent development underway. Hacienda’s headquarters sits across the street from the new $47 million mixed-use project, which will include affordable housing units, a meeting hall, public plaza, playground and food carts to reinvigorate the blighted area.

“This place was a place of despair,” Hacienda CEO Ernesto Fonesca said in the Portland Tribune. “We are reclaiming our future.”

Portland Mayor Ted Wheeler, state Rep. Alissa Keny-Guyer and other officials were on site as demolition of the former Sugar Shack strip club began in December. Builders hope to finish the housing project in 2019.

The new development in the Cully neighborhood is evidence of the important role New Markets Tax Credits can play in helping to catalyze economic and social development within a community. Learn more about Enhanced Capital’s past engagement with Hacienda and how their projects are transforming neighborhoods to better serve the needs of the community here.